LeBron James is heading to Philadelphia for far less than anyone expected — even after it became clear that money would not drive his free-agency decision.
James agreed to a two-year, $8 million contract with the 76ers that includes a player option, according to ESPN’s Shams Charania.
The deal pays the 41-year-old roughly $4 million per season, down from the $52.6 million he earned with the Lakers last year.
That represents an annual pay cut approaching $50 million.
James was always expected to accept a discount.
It had been reported that most of his suitors — including Cleveland, Miami, Golden State, Philadelphia and Minnesota — were limited to veteran-minimum or exception-level offers.
Still, the final figure is startling.
Most expected James to get a non-taxpayer midlevel exception, worth slightly more than $15 million.
The contract is also James’ lowest annual salary since his rookie deal with Cleveland more than two decades ago.
According to ESPN cap expert Bobby Marks, James will account for only 2.35% of the NBA salary cap next season.
Even at that bargain price, Philadelphia still has bookkeeping to handle.
Marks noted that the two-year structure provides no additional cap relief, leaving the Sixers approximately $572,000 above the first apron. The organization will need to waive a non-guaranteed player or complete a trade to create the necessary room.
That is a modest inconvenience considering what Philadelphia is adding.
The Sixers have now assembled a starting lineup featuring Tyrese Maxey, V.J. Edgecombe, Joel Embiid, and now Jaylen Brown and James.
James has already earned nearly $600 million in NBA salary and will continue to rake in millions in other endorsements and investments.
The Sixers did not merely land the league’s all-time leading scorer at a discount, they landed him for substantially less than even the discounted market appeared prepared to offer.
